Geode Capital Management LLC Grows Stock Holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH)

Geode Capital Management LLC boosted its holdings in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 3.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,484,463 shares of the financial services provider’s stock after buying an additional 87,723 shares during the period. Geode Capital Management LLC owned 1.94% of Commerce Bancshares worth $155,756,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CBSH. Vanguard Group Inc. lifted its holdings in shares of Commerce Bancshares by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 13,225,491 shares of the financial services provider’s stock worth $824,080,000 after buying an additional 642,401 shares in the last quarter. American Century Companies Inc. lifted its stake in Commerce Bancshares by 25.5% in the 4th quarter. American Century Companies Inc. now owns 3,675,031 shares of the financial services provider’s stock worth $228,991,000 after purchasing an additional 745,661 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Commerce Bancshares by 12.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,594,670 shares of the financial services provider’s stock valued at $99,364,000 after purchasing an additional 182,423 shares during the last quarter. Boston Trust Walden Corp grew its position in shares of Commerce Bancshares by 17.6% during the fourth quarter. Boston Trust Walden Corp now owns 1,468,854 shares of the financial services provider’s stock valued at $91,524,000 after purchasing an additional 219,826 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Commerce Bancshares in the fourth quarter worth about $86,327,000. 70.26% of the stock is owned by institutional investors.

Insider Transactions at Commerce Bancshares

In other news, VP David L. Orf sold 1,036 shares of the stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $68.24, for a total transaction of $70,696.64. Following the transaction, the vice president now owns 22,175 shares of the company’s stock, valued at approximately $1,513,222. This represents a 4.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Charles G. Kim sold 13,493 shares of Commerce Bancshares stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $67.76, for a total value of $914,285.68. Following the completion of the sale, the chief financial officer now owns 86,246 shares of the company’s stock, valued at $5,844,028.96. The trade was a 13.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 78,434 shares of company stock worth $5,248,272. 3.10% of the stock is currently owned by insiders.

Commerce Bancshares Trading Up 0.8 %

Commerce Bancshares stock opened at $55.85 on Tuesday. Commerce Bancshares, Inc. has a 12-month low of $48.49 and a 12-month high of $72.75. The firm has a 50-day moving average price of $63.52 and a 200-day moving average price of $64.33. The firm has a market capitalization of $7.49 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 2.13 and a beta of 0.71.

Commerce Bancshares (NASDAQ:CBSH) last announced its earnings results on Wednesday, January 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.06. Commerce Bancshares had a return on equity of 16.31% and a net margin of 25.24%. The business had revenue of $422.10 million during the quarter, compared to analyst estimates of $417.48 million. During the same quarter in the previous year, the business earned $0.84 earnings per share. The company’s revenue for the quarter was up 7.3% compared to the same quarter last year. As a group, sell-side analysts predict that Commerce Bancshares, Inc. will post 3.94 earnings per share for the current fiscal year.

Commerce Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 25th. Shareholders of record on Friday, March 7th were paid a $0.275 dividend. This is a positive change from Commerce Bancshares’s previous quarterly dividend of $0.27. The ex-dividend date was Friday, March 7th. This represents a $1.10 dividend on an annualized basis and a yield of 1.97%. Commerce Bancshares’s dividend payout ratio (DPR) is presently 27.43%.

Analyst Ratings Changes

A number of equities analysts recently commented on CBSH shares. Wells Fargo & Company increased their price target on Commerce Bancshares from $67.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 29th. Raymond James lowered shares of Commerce Bancshares from an “outperform” rating to a “market perform” rating in a report on Thursday, December 19th. Morgan Stanley raised shares of Commerce Bancshares from an “underweight” rating to an “equal weight” rating and decreased their price target for the company from $66.00 to $58.00 in a research note on Monday. Piper Sandler lifted their price objective on shares of Commerce Bancshares from $69.00 to $72.00 and gave the stock a “neutral” rating in a research note on Thursday, January 23rd. Finally, StockNews.com cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a research report on Tuesday, April 1st. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $66.83.

Commerce Bancshares Company Profile

Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth.